A Scalable Business Transformation Model for Modernizing Aging Oil and Energy Sector Infrastructure

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@article{1706581,
      author = {Chinedum Oscar Okuh, Emmanuella Onyinye Nwulu, Elemele Ogu, Peter Ifechukwude Egbumokei, Ikiomoworio Nicholas Dienagha; Wags Numoipiri Digitemie},
      title = {A Scalable Business Transformation Model for Modernizing Aging Oil and Energy Sector Infrastructure},
      journal = {Iconic Research And Engineering Journals},
      year = {2024},
      volume = {8},
      number = {5},
      pages = {1246-1257},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1706581.pdf},
      abstract = {The oil and energy sectors face significant challenges due to aging infrastructure, which hinders efficiency, safety, and sustainability. This paper proposes a scalable business transformation model aimed at modernizing the sector?s infrastructure by integrating advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), automation, and blockchain. The model addresses the industry's immediate operational needs and long-term sustainability goals by developing a flexible framework. The proposed model focuses on scalability and adaptability, enabling it to be applied across different infrastructure sizes and varying technological readiness levels. Key strategic pillars, such as stakeholder engagement, workforce transformation, and robust risk management, are central to the successful implementation of the model. Case studies from other industries and pilot projects in the energy sector inform the model?s design, providing practical insights into its applicability and potential challenges. The paper concludes by offering actionable recommendations for policymakers, energy companies, and regulators, emphasizing the importance of collaboration and investment in modern technologies. Additionally, areas for future research are identified, including the integration of emerging technologies and the socio-economic impacts of infrastructure transformation. Ultimately, this scalable model aims to enhance the efficiency, safety, and competitiveness of the oil and energy sectors while promoting sustainability and reducing environmental impact.},
      keywords = {Scalable Transformation, Oil and Energy Infrastructure, Aging Infrastructure, Technological Integration, Sustainability, Industry Modernization},
      month = {November},
  }